Montreal asset manager Letko Brosseau has just cut its stake in 5N Plus below 10%.
The institutional investor sold 122,075 shares of the Montreal semiconductor producer during the April 21 session, indicates a document just filed with the stock market authorities.
This transaction ensures that Letko Brosseau started the month of May with a stake of just under 10% in the company specialized in technological materials. Letko Brosseau is thus no longer required to report its transactions in 5N Plus stock, unless its stake goes back above the 10% threshold.
A top analyst again recommends Power Corporation stock. Graham Ryding, of TD, has been suggesting since Wednesday to buy the title of the Montreal financial conglomerate. The eight other analysts who officially follow Power still refuse to offer the purchase. The TD expert believes that Power’s valuation has become attractive enough to justify a purchase after the decline observed at the publication of the performance at the start of the financial year. He argues that Power has ample cash to repurchase shares for cancellation and expects management to do so, given the gap that has developed between the stock market valuation and the net worth of the assets of the conglomerate. “Power has defensive attributes that should support valuation in a volatile market. His colleague Phil Hardie, of Scotia, points out for his part that the patience of investors is rewarded by a dividend yield that is close to 6%.
National Bank lost favor this week with the firm Keefe, Bruyette
While observers believe that Héroux-Devtek represents an acquisition target, two companies in the aeronautics sector announced a transaction this week which could suggest that the action of the supplier of landing gear from Longueuil is undervalued by the investors. At least that’s the opinion of Benoit Poirier at Desjardins Securities. After learning about the price offered by Heico to buy Wencor, he pointed out that Héroux-Devtek’s management buyback of 4.3 million shares for cancellation since the beginning of the year confirms his opinion. “A company of this quality won’t stay cheap for long,” he says of Héroux-Devtek. The company’s stock subsequently gained 6% on Thursday after the unveiling of stunning year-end results.
A member of BCE management has just sold a quarter of a million dollars worth of shares in the Montreal telecommunications giant. Glen LeBlanc, executive vice president, chief financial officer and senior vice president of the Atlantic region, sold a block of 3,800 shares on May 8.
A senior Boralex executive has just purchased a block of shares in the Quebec producer of renewable energy. Nicolas Wolff, vice-president and general manager of Boralex Europe, bought 1000 shares on May 11.
The Toronto Stock Exchange will remain closed on Monday to mark the holiday of Victoria Day (Journée nationale des patriotes in Quebec).
The Quebec stocks of H2O Innovation, CGI, Quincaillerie Richelieu and Stella-Jones hit a new 52-week high on the Toronto Stock Exchange this week. On the other hand, those of Lightspeed, TVA, Opsens and Fiera Capital hit a 52-week low this week.